Northwest Credit Unions Stand with Members Through Thick and Thin
As coronavirus impacts the economy, credit unions offer their members several options for financial relief.
The COVID-19 health crisis is impacting American families in many ways, with a major one being financial hardship. Just last week, the Department of Labor reported that over 3.2 million Americans have lost their jobs due to the closures of businesses deemed nonessential.
Credit unions know how much financial insecurity this crisis has caused, so they’re jumping in to offer members several services for relief, such as mortgage and loan forbearance, skip a pay, emergency loans with 0% APR, late-fee forgiveness, delayed minimum payments, loan modification and consolidation, fee waivers, 90-day payment deferrals, and more.
“The most important message for people to know is that we want to help them with their situation. If they are running into a problem, we want them to call and work with us. We feel that it is our duty as an economic driver in the South Puget Sound to help stabilize our members and the community right now,” said Ken Leonard, President and CEO of America’s Credit Union, in a press release last week.
“We have taken steps to help our members get through this crisis and will do more. We all may need to change how we do business in the coming days and weeks, but we remain strong and sound and are not going anywhere. We must work together to help provide support to those impacted by this pandemic.”
Credit unions are also offering members free financial consultations and advice and encouraging them to continue managing their finances via online and mobile banking apps, drive-thrus, and ATMs. Above all, credit unions want members to know they are there for them and that their money remains in good hands.
“Your money is safer at Sound than in your pocket or tucked under your mattress,” said Don Clark, President and CEO of Washington-based Sound Credit Union, in a letter to members. “As a federally insured credit union, Sound is regulated by the National Credit Union Administration (NCUA) and the Washington State Department of Financial Institutions. Member deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000 per individual depositor.”
Check out how other Northwest credit unions are supporting members and employees during the coronavirus pandemic by visiting NWCUA’s Coronavirus Preparation & Response Resources page. Updates are added daily, so check back often.
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